Who here is in real estate? Professional or on the side? Post in here!
I am currently trying to secure an internship with a commercial broker as a freshman in college, but am unsure how to exactly go about it. Anyone with advice on finding a broker to pick and how to approach them?
anyone on here?
Real estate sucks
my family have 2 house 1 I start renting by apartments i dont get too much money. I bought also years ago a beach house and sell it years later for 200% expensive. that was a great business. I have bought 2 farms and starting in agro business. Well i need some $ to make new apartments but renting is not a great deal. selling is a good business but iam not selling my mom house
real estate development maybe?
I'm in it.
I have two rentals both about 100k houses, net me about 800 in my pocket each month.
Ask me anything. I'll lurk for a while.
26
Hospital financial analyst-main job
MBA/CPA
You can literally waltz into any real estate office with a clean cut demeanor looking for an internship.
The brokers will basically make you post ads till you realize you hate doing this.
Currently I do it on the side. I've built up a reasonable income from buy-and-hold rentals and RE notes.
But I'm contemplating going full time. Syndicating deals, hard money lending, or something like that.
I wouldn't do it. The flexibility is the only good part about it, but it isn't worth the loss of time, money and energy
What do you mean specifically by "loss of time, money and energy"?
My thinking is that it has a lot more potential than just working a regular job.
I'm an agent.
Start buying old mobile homes for nothing and rent them out, till they fall apart.
Remove MH when you can't rent it anymore, and sell the land with well and septic.
Yea, I also wonder what you mean
( Hospital financial guy here)
For the very little amount of time I spend on these two rentals, maybe 2 hours total a month, I'm making a net of 800 bucks.... 400/hr is pretty fucking good?
Real Estate is dead between the months of October 1st to March 15th. Deals fall through easily, seasons fuck up the market, an excited client can get cold feet at the last second and the deal can easily fall through. Then whatever money you generate on your own if your dealing with a broker or listing agent they get a cut and the Fed takes 40% of it as well. Real Estate is flaky as fuck and brings about a shit ton of stress. You can actively work over a couple hundred hours on a deal for it to fall through at the last second. And the money you do make from closing isn't nearly enough to cover the cost of time and oppurtunity loss. It's also not a 9-5, 5 days a week engagement. It's a 24/7 everyday thing. Taking a day off of work will see your deals falter and push you back by a few days to catch up.
If your starting out, there's already a lot of seasoned competition thatll take up from the finite pool of clients and buyers
Are you talking about being an agent? I'm not considering that - my wife was one for a while and I know how tough that can be.
I'm considering doing work on the investing side, getting together a pool of investors and finding deals to invest in.
I was speaking in general. Investing also has its complications. I have a friend who has a 12 unit apartment complex in Brooklyn and he SHOULD generate 15k a month from it. But because of Water/insurance/property taxes/ repairs/evictions/ rent stabilization laws he basically walks away clean with a few grand a month. He basically makes as much as a person working an entry level job a year but with 10x the amount of stress.
The only way you can really profit is holding onto a property for anywhere between a couple of years to a decade and then flipping it.
I'm planning on buying a cheap $40K house out in skirts. The normal prices of houses are around 200-400k in city.
If I hire a agent, would they even look at me like a human or would they say fuck off?
Money is money. They'll charge you a finder's fee of 1-2% unless the seller will cover the costs. Expect to pay $4-8k for there help.
Or you can go on Trulia shop around and do it yourself for free
Why are you buying it? At first glance, I'd stay away if you're planning on it being a rental.
I'm planning on cutting out the agent/middle man. Seems too expensive for such a low budget real estate.
Not an issue.
Where are you buying? In the US, I've never seen an agent charge a buyer a finders fee and I've purchased quite a few homes. All of their commission comes from the seller, at least from what I've seen.
Lets say you buy a $100k house
The seller lists his house with help of real estate agent. They agree to pay let say 5% (2.5% each agent) fee, this is hypothetical fee. Could be higher, not sure.
If you buy with agent, you get the house for $100K. if you buy it yourself, you can negotiate the discount and lower the price down to 97.5k. So now you save $2500.
The fee is always there. The only time buying by yourself might not work is when its a bank that you're buying from.
I see - you're negotiating the commission down because you're essentially not represented professionally. I don't know, that seems penny-wise, pound-foolish. Unless you really know what you're doing, you could get really screwed.
>Real Estate is dead between the months of October 1st to March 15th.
There's usually a spike in September if you're in a university town and in November through February because around new year most people get raises and consider upgrading their housing. That's my experience at least.
>I have a friend who has a 12 unit apartment complex in Brooklyn and he SHOULD generate 15k a month from it.
>he basically walks away clean with a few grand a month.
Then your friend is an idiot and/or in it well above his head.
>Water
Utility 100% paid by tenants. Don't care.
>insurance
You know the premiums up front for the year. Also 100% paid by tenants. Don't care.
>property taxes
The same. Don't care.
>evictions
That's what deposits are for. Period of notice + 1 month = amount of deposit. Once they stop paying you evict them and walk away without loss in rent. Don't care.
>rent stabilization laws
Definitely sucky, but a calculable risk. The law doesn't change frequently, so you know your caps before even buying the property. I do care, but only before buying.
>repairs
Yes. That's the shitty part. A lot of work and a lot of costs. Build a network of reliable contractors and negotiate good prices. If they know they'll never return contractors will rob you blind. If they know they're looking at 20 years of business relationship they're usually willing to drop the idiot mark-up. There is a certain randomness in repairs, but over the years it will average out.
Your friend seems to be an idiot lacking experience. Either he fucked up or his expecations are unrealistically high. The latter is quite frequent, since people think real estate is a get rich quick scheme, while it's actually very slow but steady profit and net-worth building in the long run.
>There's usually a spike in September if you're in a university town and in November through February because around new year most people get raises and consider upgrading their housing. That's my experience at least.
You're failing to realize 95% of the country isn't a college town. And also, no one wants to move during the winter time and if they do it's because the market shifted into a buyers market instead of a seller's market, so people tend to take as long as they need to move.
Everything else you mentioned shows how much of an idiot you are. You talk to hear yourself talk and youre lack of experience shows.
I don't think he's wrong about a lot of this stuff. I've been doing rentals for quite a few years now and I'd agree that many of these points aren't big concerns. It all boils down to knowing your numbers and the market.
>You're failing to realize 95% of the country isn't a college town. And also, no one wants to move during the winter time and if they do it's because the market shifted into a buyers market instead of a seller's market, so people tend to take as long as they need to move.
Yeah. You gave your take. I gave mine. Both can be valid observations. Nobody has to be "failing" at anything. Different places and market segments behave differently.
>Everything else you mentioned shows how much of an idiot you are.
Is this one of those """a friend of mine""" situations? Because I don't really get why you're resorting to ad hominem insults from me criticising your friend. But if he's that dear to your heart, maybe start defending him with arguments instead of shittalk?
>You talk to hear yourself talk
Sure. And that's different from you how?
residential or commercial?